<img src=" http://www.joplinglobeonline.com/images/zope/new.gif" border=0> 72 Missouri pension system workers got $460,000 bonus

April 10, 2009 11:50 am

— ST. LOUIS (AP) — Investment and operations staff at the Missouri State Employees Retirement System received $460,000 in bonuses as the pension system investments lost $1.8 billion last year.
The St. Louis Post-Dispatch reported Friday that all 72 workers for the retirement system drew bonus payments. Gov. Jay Nixon and lawmakers have demanded more oversight and transparency.
State employees don’t contribute part of their salary toward pension funds, so their pensions are funded entirely by tax money and investment income. But the Legislature has little control over the agency’s operating budget.
Retirement system officials say bonuses help keep talented employees and creates an incentive for better performance. Most state agencies can’t give bonuses because workers are tied to a merit system with a standard pay grid.